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Israel

’ Debt Brake‘. Israel. Germany. public debt: € 54 bn (≈ $ 78 bn ). public debt: € 2,000 bn (≈ $ 2,908 bn ). population : 7.6 m. population : 82 m. ≈ € 7,000 per capita. ≈ € 24,000 per capita. 2. ’ Debt Brake‘. Hierarchy of Norms (national level ). Constitution.

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Israel

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  1. ’Debt Brake‘ Israel Germany public debt: € 54 bn (≈ $ 78 bn) public debt: € 2,000 bn (≈ $ 2,908 bn) population: 7.6 m population: 82 m ≈ € 7,000 per capita ≈ € 24,000 per capita 2

  2. ’Debt Brake‘ HierarchyofNorms (national level) Constitution ParliamentaryActs otheractsof State 3

  3. ’Debt Brake‘ Art. 115 par. 1 Basic Law (version 1969) […] Revenue obtained by borrowing shall not exceed the total of investment expenditures provided for in the budget… … exceptions shall be permissible to avert a disturbance of the overall economic equilibrium. FCC: wide range of discretionfor the budgetary legislator 4

  4. ’Debt Brake‘ Art. 126 par. 1 TFEU (Lisbonversion 2009) • annual deficit limited to 3% GDP • overall debt restrained to 60% GDP Problem: lack of enforcement 5

  5. ’Debt Brake‘ Art. 109 par. 3 Basic Law (version 2009) The budgets of the Bund and the Länder shall in principle be balanced without revenues from credits. (applicability: 2016 [Bund], 2020 [Länder]) Exceptions: • deficits in times of downswing to balance the effects of market developments that deviate from normal conditions • unusual emergency situations beyond governmental control and substantially harmful to the state’s financial capacity 6

  6. Thank you for your attention!

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